Population mobility falls by most in nine years in 2021

The number of South Koreans who moved to different residences in the country declined by the most in nine years last year amid fewer housing transactions, data showed Tuesday. The number of people who changed their residences fell 6.7 percent on-year to 7.21 million in 2021, according to the data compiled by Statistics Korea. It marked the sharpest on-year fall since 2012, when population mobility declined 7.6 percent. The decline was mainly blamed on the base effect as people's mobility shot

EconomyJan. 25, 2022

S. Korean trade minister to visit US for talks on global supply chains

South Korean Trade Minister Yeo Han-koo will visit the United States from this week to discuss bilateral cooperation on global supply chains and other trade issues, the ministry said Tuesday. During his weeklong visit from Tuesday (US time), Yeo will meet his US counterpart Katherine Tai, lawmakers and governors to bolster economic ties between the countries. Yeo is scheduled to hold talks with Tai on Thursday to exchange views on the 10-year-old bilateral free trade agreement, the US-led Indo

EconomyJan. 25, 2022

SK Telecom to ramp up development of flying cars

SK Telecom Co., South Korea's top wireless carrier, said Tuesday it will speed up the development of urban air mobility (UAM) services. In 2020, South Korea unveiled its plan to commercialize UAM services by 2025 to help overcome urban traffic congestion by using unmanned drone taxis. Last year, SK Telecom signed a partnership with local defense company Hanwha Systems Co., Korea Airports Corp. and the Korea Transport Institute to develop the infrastructure and aircraft required for UAM service

TechnologyJan. 25, 2022

S. Korea eyes bigger low-rate loans for emerging countries' projects

South Korea said Tuesday it will seek to provide low-rate loans up to 11.4 trillion won ($9.5 billion) to emerging countries for their projects by 2024. The government plans to set the yearly approval ceiling of the Economic Development Cooperation Fund (EDCF) at 3.6 trillion won this year, and raise it to 3.8 trillion won next year and 4 trillion won in 2024, according to the finance ministry. The government also plans to set the implementation goal of the EDCF at 4.5 trillion won over the ne

EconomyJan. 25, 2022

Market cap of top 30 groups jumps 33.2% over 4 years

South Korea's top 30 family-controlled conglomerates have seen their stock market capitalization spike more than 30 percent over the past four years, with Samsung Group taking the top spot, a market tracker said Tuesday. The combined value of 201 listed firms belonging to the leading business groups, known as chaebol here, came to some 1,504 trillion won ($1.26 trillion) as of Friday, up 33.2 percent from Jan. 2, 2018, according to the Leaders Index. The number of their listed units was up 16

MarketJan. 25, 2022

Seoul stocks open lower on Fed uncertainties, virus woes

South Korean stocks opened lower Tuesday, as investors await the US Federal Reserve's stance about rate hikes. The benchmark Korea Composite Stock Price Index (Kospi) fell 19.65 points, or 0.7 percent, to 2,772.35 points in the first 15 minutes of trading. The Federal Reserve is scheduled to end its two-day monetary policy meeting Wednesday (local time), which is expected to give clues on its monetary policy direction. South Korea's record high virus tally also added to the concerns about str

MarketJan. 25, 2022

S. Korea's economy grows 4% in 2021, highest in 11 years

South Korea's economy posted the highest growth rate in 11 years as consumption and exports bounced back from the pandemic-caused slump, central bank data showed Tuesday. The gross domestic product is estimated to have grown 4 percent in 2021, marking a turnaround from a year earlier when the economy contracted 0.9 percent, the worst performance since 1998, according to the data from the Bank of Korea (BOK). The 2021 growth rate marked the highest tally since 2010, when the economy expanded 6.

EconomyJan. 25, 2022

Corporate direct financing up 19% in 2021

Corporate direct financing by firms in South Korea jumped 19 percent on-year in 2021 driven by multiple massive initial public offerings (IPOs), data showed Tuesday. Local companies raised a combined 231.48 trillion won ($194 billion) by selling stocks and bonds last year, up 37 trillion won from the previous year, according to the data from the Financial Supervisory Service. Direct financing refers to raising funds directly from the stock and bond markets without borrowing from banks and othe

EconomyJan. 25, 2022

Korea sees huge drop in employment in manufacturing industry

South Korea’s manufacturing industry saw a huge drop in the number of employed in recent years mainly due to the companies’ contracted local investment and restructuring among shipbuilding and auto making companies, data showed Monday.  According to the Federation of Korean Industries, the number of employed in the manufacturing industry dropped by 180,000 in 2019 from the corresponding figure in 2015. Such figures are tantamount to the combined number of employees at Samsung

IndustryJan. 24, 2022

Kospi hits 13-month low on US rate hike worries

Worries over the sooner-than-expected rate hike by the US led South Korea’s benchmark Kospi to dip below 2,800 Monday, a first since Dec. 23, 2020, when it closed at 2,759. The Kospi fell 42.29 points or 1.49 percent from Friday to close at 2,792, sparking concerns over a prolonged slump. “Investors fear reduced liquidity. And the markets are catching up with the Fed, which has signaled two things: an earlier rate hike and tapering of the pandemic-era market support,” said Oh

MarketJan. 24, 2022

Seoul stocks tumbles to 13-month low ahead of Fed meeting

South Korea's main stock index plunged to a 13-month low Monday, as investors dumped local stocks ahead of the US Federal Reserve's policy meeting this week. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi dived 42.29 points, or 1.49 percent, to close at 2,792 points. The Kospi closed below the 2,800-point mark for the first time since Dec. 23, 2020. Trading volume was moderate at about 468 million shares worth some 9.2 trillion won ($7.7 billi

MarketJan. 24, 2022

Prices growth in groceries, car fuel hits 10-year high

SEJONG -- Consumer prices of groceries and transportation in Korea climbed fastest in a decade in 2021, which have posed aggravated burden on households amid the pandemic, state data showed Monday. These two items were found to have led the instability in overall consumer prices last year, despite the Bank of Korea’s interest rate hikes twice in August and November. According to Statistics Korea, consumer prices of groceries rose 5.9 percent in 2021, compared to the previous year -- 6.2

EconomyJan. 24, 2022

Hanwha Q Cells CEO to lead renewable energy association

Hanwha Q Cells said Monday that its CEO Lee Ku-hyung has been appointed the 14th chairman of the Korea New and Renewable Energy Association, a business lobby with some 420 member companies. Lee, who joined Hanwha Group in 1990, has served key positions at the group’s solar solutions unit Hanwha Q Cells, formerly Hanwha SolarOne, since 2011 and was promoted to the top position in September last year. Lee, whose term is three years, is expected to lead the association based on years of

IndustryJan. 24, 2022

[Test Drive] Polestar 2, simple but powerful

The Polestar 2, the first Polestar car to hit the Korean roads, is a performance-driven car, living up to the reputation of the Swedish carmaker that was once Volvo’s racing skunkworks. With the new model, Polestar aims to compete head-on with the Tesla Model 3, the world’s most popular plug-in EV in 2020. At first sight, one can easily grasp that Polestar 2 displays Scandinavian aesthetics: clean and simple lines and functionality without sacrificing beauty. It has a clean-cut

MobilityJan. 24, 2022

[Korea Chips Act] Korea sets out own Chips Act, in less ambitious fashion

This is the first installment of a two-part series on Korea's Chips Act and controversies surrounding a law meant to support the local chip industry amid heated competition around the world. -- Ed. In the wake of the global chip shortage, supply chain disruptions posed by the pandemic, and tensions between superpowers -- the United States and China -- governments around the world are scrambling to support and protect their respective semiconductor chip industries. South Korea is one of the co

TechnologyJan. 24, 2022

Korea’s beer imports drop to all-time low

South Korea’s imports of beer recorded an all-time low last year, amid a nationwide boycott of Japanese beer and other products, data showed Monday. According to the Korea Customs Service, imports of beer decreased by 1.7 percent on-year to $223.1 million last year. The figure surpassed the record-low imports of $181.5 million in 2016. The list of major beer import countries last year includes the Netherlands, followed by China, Belgium, Poland, Ireland, Germany and the Czech Republic.

ConsumerJan. 24, 2022

GS E&C becomes first to export green hydrogen plant modules

GS Engineering and Construction said Monday it has signed a memorandum of understanding with California-based SG H2 to supply modules that will be used to construct green hydrogen plants. 　 The renewables project, led by SG H2 Energy’s special purpose company SG H2 Lancaster LLC, is expected to produce 11 tons of green hydrogen in Lancaster, California, an amount that can fuel 1,700 mid-size hydrogen-powered cars. The deal will mark the first time for a Korean firm to export hydrogen pl

IndustryJan. 24, 2022

BOK says mock issuance, distribution of digital currency successful

South Korea’s central bank said Monday that it has successfully completed the pilot testing of issuance and distribution of digital currency. The Bank of Korea has wrapped up the first phase of its two-part mock testing of the central bank digital currency in December and has been carrying out the second phase “smoothly.” Once the second phase wraps up in June, the BOK plans to start discussions on its actual launch and commercialization. It aims to expand the scope of the t

MarketJan. 24, 2022

LG to unveil life-size Omnipod, self-driving concept car

LG Electronics Inc. said Monday it will show off the real-life version of its futuristic self-driving vehicle next month. The LG Omnipod, a mobility concept solution that can serve as "a home office, an entertainment center or even a lounge," will be on display at a mobility fair at the COEX convention center in southern Seoul on Feb. 10. The self-driving home on wheels is fitted with LG home appliances retooled for in-vehicle use and provided with artificial intelligence concierge s

IndustryJan. 24, 2022

LG Onmipod to make debut at Kakao's tech conference in Feb.

LG’s future mobility concept car LG Omnipod will make its first offline debut here next month at a tech conference organized by Kakao Mobility, companies said Monday. Introduced in a video at the Consumer Electronics Show held in Las Vegas earlier this month, LG Omnipod is a concept model of future self-driving cars interpreted as  vehicles as extensions of the home. Based on users’ needs, it can be an office or personal space where users can enjoy various activities such as wa

TechnologyJan. 24, 2022